Is this a good deal on the 2020 Kia Niro PHEV EX Premium in CT for 12k/36 months? Not many of them left on the lots.
Have you verified mf/rv/incentives with Edmunds? How does that pre-incentive discount compare to other deals/broker offerings you’ve researched?
Seems like a lot of money for a small PHEV… what else are you looking at?
All I can say is ICK.
Why PHEV? They aren’t really leasing very well right now.
EX: The Hyundai Kona EV has got a ton of rebates and leases cheaper than the PHEV.
Wife wasn’t ready for all electric vehicle yet. This is the best of both worlds. The charging infrastructure isn’t great yet for non Tesla owners. I have a Chevy Volt and love it! Even though it’s a PHEV I rarely have to gas up. I may actually get a Kona myself but she wasn’t ready at this point.
Yes I did. Can’t really compare the pre incentive discount because the local dealers weren’t too interested in finding on another lot. This was really the only one. Typically I compare 4-6 dealers but couldn’t this time because of lack of stock. This one is coming from out of state.
I mean comparing discounts vs shared deals and broker offerings here.
I looked for Kia Deals from some brokers on here but didn’t see any for my area. I realize the discount on MSRP is not great without incentive but they are a no haggle dealership. I usually try to avoid that because I know I can usually get a better deal elsewhere but the EX Premium was tough to find on any lots. I did try but the others all wanted me to factory order and didn’t want to wait that long.
You don’t need them to be in your area. The goal is to try to establish a pricing target based on other deals out there in the market. Ya, you may find your local market isn’t as flexible and you can’t get to quite the same place, but it at least gives you a solid comparison point as to what is possible.
If you know the discount is poor and the dealership is a no haggle dealer, then your options really are to accept this isn’t a good deal and overpay for the sake of convenience or cast a much wider net to try to save some money. If you set a target goal off of comps and you determine that you’re only $500 off, paying the higher price for convenience may be totally worth it. If you find you’re $3000 off, that’s a lot of money to pay to avoid a few hours driving.
Totally agree! Thanks for your response. Definitely more of a time constraint this time so I am going a little more for convenience then I normally do. Appreciate your input!
Not sure how massively overpaying for an PHEV vs a comparable ICE is “the best of both worlds”
If you want to dip your toe, buy a used PHEV. The good ones hold their value decently well after the initial depreciation. It’s also easier to get out of if you turn out to hate it.
How am I massively overpaying for this vehicle? Yes, it may not be the best of the best but don’t think it’s massively overpaying.
There are two things at hand here:
Are you overpaying vs other Niro PHEV deals; the answer to that may be that for the vehicle, you have a good price.
Are you overpaying vs other vehicles; this is what max is talking about. Hybrid leases often times don’t make sense, as the time to break even on costs is longer than the lease period. We get a lot of people that try to pay an extra dollar in lease costs to save 10 cents in gas cost. The value proposition may not be there vs just getting a standard niro EX and paying the higher fuel costs.
Let’s say you get a killer deal on the Niro PHEV at $350/mo; putting it cheaper than any other niro phev, but an otherwise identical ICE niro would cost $250/mo. If the phev saves you $50 in gas, you’re still paying $50 more per month than you would otherwise. (I have no clue if any of these numbers are close to reality, just using them to demonstrate a hypothetical)
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Totally get what you are saying now. We were actually planning on the regular Hybrid Niro but the lease incentive ended up being $2,430 for the regular and $6943 for the PHEV. That actually made the Niro lease cheaper per month even though it’s a slightly more expensive car. Also figure I already had a level 2 charger so why spend the extra for regular hybrid.
Thanks to @mllcb42 for explaining the concept. And just to add a real world example, someone just got a VW Tiguan for like 189 + tax or something with ~$650 DAS… you’re almost double that at $375 all-in.
I’m not saying you have to get a Tiguan but that’s just a recent ICE example off the top of my head
If you are saying, should I lease this over buy? Heck Yes, there is more incentive in Kia’s when you lease vs buy.
You lease it, 3 months later you get a used loan.
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